"Hong Kong Stocks" Hang Seng Index down 348 points in half a day, Apple concept stocks under heavy selling pressure, Li Auto up 5%

The U.S. Federal Appeals Court approved the Trump administration's request to suspend a lower court ruling, temporarily restoring Trump's tariffs. Hong Kong stocks were under pressure, with the Hang Seng Index opening down 233 points and at one point dropping 410 points to a low of 23,163 points before closing at 23,224 points, down 348 points or 1.48%; the National Index fell 146 points or 1.71%, closing at 8,413 points; the Hang Seng Tech Index dropped 134 points or 2.55%, closing at 5,166 points. The total turnover of the market for the half day was HKD 118.876 billion.

It is reported that Trump is considering a Plan B for tariffs, possibly using "Section 122" to impose a 15% tariff within 150 days. Apple-related stocks faced heavy selling pressure, with Sunny Optical (02382.HK), AAC Tech (02018.HK), and BYD ELECTRONIC (00285.HK) all dropping nearly 5%. Q Technology (01478.HK) fell 5.6%. Hon Teng (06088.HK) dropped 4.7%. GoerTek (01415.HK) declined 3.1%.

Tech stocks were sold off, with Alibaba (09988.HK) down 4.3%. Tmall's 618 first phase sales of home appliances and mobile digital products increased more than 2.8 times compared to last year's "Double 11". Tencent (00700.HK) saw its stock price drop 2.2%, with multiple products integrated into the latest version of DeepSeek R1. NetEase (09999.HK) fell 3.5%, and after the MSCI China Index adjustment took effect post-market, CICC indicated that NetEase's index weight would decrease by 0.175%, likely leading to significant passive fund outflows. Additionally, Baidu (09888.HK) is expected to see its index weight decrease by 0.03%, with Baidu's stock down 3.6% for the half day.

Moreover, Bilibili (09626.HK) fell 4.6%. Lenovo Group (00992.HK) dropped 4%. JD.com (09618.HK) was down 3.1%. Xiaomi (01810.HK) and Kuaishou (01024.HK) fell 2.4% and 1.8%, respectively. Meituan (03690.HK) dropped 1.5%, with its Meituan Flash Purchase 618 event seeing a year-on-year increase of two times in transaction volume on the first day.

Automobile stocks showed mixed performance, with reports indicating that over 20 BYD (01211.HK) 4S stores in Shandong have ceased operations, leading to a 4.2% drop in stock price. Nio (09866.HK) and XPeng (09868.HK) fell 4.4% and 4.6%, respectively. Li Auto (02015.HK) bucked the trend, rising 5.1%, with the company reporting a 20.3% year-on-year decline in Non-GAAP net profit for the first quarter. Bank of America is optimistic about Li Auto's gross margin and free cash flow prospects, with the Li i8 and i6 scheduled for release in July and September, respectively.

In the financial sector, HSBC (00005.HK) plans to issue USD 2 billion in perpetual subordinated or convertible securities, with its stock down 0.4% for the half day. Hong Kong Exchanges and Clearing (00388.HK) fell 1.4%. AIA (01299.HK) rose 0.5% Stone Pharmaceutical (01093.HK) is in discussions for three potential transactions, with a total potential down payment of approximately USD 5 billion. The stock price rose 5.2% in half a day, making it the best-performing blue-chip stock.

Master Kong (00322.HK) fell 5.2% in half a day, making it the worst-performing blue-chip stock. UBS cited Master Kong as stating that revenue growth faces challenges, but they are confident in margin expansion. As for sportswear stocks, Anta (02020.HK) and Li Ning (02331.HK) fell 4.5% and 3.1%, respectively.

In addition, CATL (03750.HK) fell 1.4%. Meanwhile, Power Assets (00006.HK) rose 1.5%. Cheung Kong (01113.HK) and Wharf (01997.HK) each rose over 1%. It was reported that New World (00017.HK) raised HKD 87.5 billion in refinancing with participation from at least 12 banks, and its stock price rose 2.2% in half a day. ZhongAn Online (06060.HK) plummeted 14.1%